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Mongolia

 
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Mongolia

Budget

The Ministry of Finance prepared annual national budgets and provided guidance to the formulation of local budgets. The national budget included the budget of the central government, the budgets of aymag and city governments, and the budget of the national social insurance fund. The national budget grew with the expansion of the economy: In 1940 revenues were 123.9 million tugriks (for value of the tugrik--see Glossary) and expenditures, 122.1 million tugriks; in 1985 revenues were 5,743 million tugriks and expenditures, 5,692.5 million tugriks. The structure of the national budget changed between 1940 and 1985. In 1940 some 34.6 percent of revenues came from the turnover tax (a value added tax on each transaction), 7.8 percent from deductions from profits, 16.7 percent from taxes on the population, and 40.9 percent from other kinds of income. In 1985 nearly 63 percent of revenues came from the turnover tax, 29.9 percent from deductions from profits, 3.5 percent from deductions from the social insurance fund, 0.7 percent from taxes on the population, and 3.2 percent from other types of income. In 1940 some 21.9 percent of expenditures went to develop the national economy; 19.7 percent to social and cultural programs; and 58.4 percent to defense, state administration, reserves, and other expenses. In 1985 about 42.6 percent of expenditures went to developing the national economy; 38.7 percent to social and cultural programs; and 18.7 percent to defense, state administration, reserves, and other expenses. The proposed 1989 budget had revenues and expenditures of 6.97 billion tugriks. Proposed expenditures for 1989 included 1.8 billion tugriks for developing agriculture, 2.1 billion for industry, and 1.6 billion for capital investment. Of the 2.76 billion tugriks proposed for social and cultural development, 1.16 billion was to go for education; 597.5 million for health, physical culture, and sports; 259.7 million for science, culture, and art; and 747.4 million for the social insurance fund. Subsidies to maintain stable retail prices totaled 213 million tugriks. Local budgets, through which 70 percent of social and cultural expenditures were funneled, totaled 3.46 billion tugriks.

Data as of June 1989

Mongolia - TABLE OF CONTENTS

  • The Economy

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    Information Courtesy: The Library of Congress - Country Studies


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